U.S. Steel Shares Slump After Q2 Loss Warning, $400 Million Stock Sale Plan [TheStreet.com]
United States Steel Corporation (X)
Last united states steel corporation earnings: 4/30 04:16 pm
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US:NYSE Investor Relations:
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Source: TheStreet.com
United States Steel Corp.(XGet ReportU.S. Steel said late Wednesday that it plans to sell 50 million common shares, a figure that could rise to 57.5 million depending on market demand, with the aim of raising around $429 million in net proceeds. U.S. Steel said it will use the case to "strengthen its balance sheet, increase liquidity and for general corporate purposes". Last month, U.S. Steel also raised $700 million from the sale of five-year bonds carrying a coupon of 12%.The capital raising plans followed the company's warning that coronavirus shutdowns, which have idled plants around the country, would likely lead to a second quarter loss of $315 million, or $3.06 per share, nearly doubled the Street consensus forecast.“As expected, the second quarter is being significantly impacted by the effects of COVID-19 and the expected nonrecurring costs associated with a significant portion of our steelmaking operations being idled in the quarter. As we mentioned on our first quarter earni
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News
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X
Earnings
- 2/1/24 - Beat
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Sec Filings
- 4/15/24 - Form 8-K
- 4/11/24 - Form DEFA14A
- 4/11/24 - Form DEFA14A
- X's page on the SEC website